XRP Slammed by Max Keiser as ‘Made to Steal Billions From Fools’

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As a researcher with a background in finance and a strong interest in cryptocurrencies, I have followed Max Keiser’s opinions on digital currencies closely. His recent tweets about XRP and his praise for Tether’s USDT are noteworthy.

As a passionate Bitcoin advocate and ex-financial journalist, I’ve taken to Twitter to voice my concerns about one of the leading altcoins by market capitalization – XRP.

Additionally, Keiser disclosed the reason behind the mass shift from traditional currency to Tether’s USDT by millions of individuals.

Max Keiser on XRP and Brad Garlinghouse

As an analyst, I frequently come across Keiser’s tweets criticizing certain leading altcoins like XRP, ADA, and SOL, labeling them as “centralized garbage.” Simultaneously, he endorses the Securities and Exchange Commission (SEC) chairman, Gary Gensler, for his stance that most altcoins function as “unregistered securities.”

As a researcher studying the cryptocurrency market, I’ve noticed that Keith Keiser has expressed his expectation for XRP‘s value against Bitcoin to keep dropping and potentially reach zero in his latest tweet.

Brad Garlinghouse, then just a high-ranking executive at Ripple Labs, made a bold claim when he declared that XRP was developed with the intention of swindling billions from unsuspecting individuals. Keiser failed to disclose that XRP was already in existence before Garlinghouse assumed the CEO role at Ripple.

As a researcher studying the cryptocurrency market, I would rephrase that as:

— Max Keiser (@maxkeiser) May 16, 2024

Keiser praises centralized USDT stablecoin

Expert: As a strong advocate for decentralized Bitcoin, Keiser has more recently expressed approval towards Tether’s stablecoin USDT, which is pegged to the U.S. dollar. Aware that this stablecoin operates under a centralized structure, Keiser views it as a potential tool to undermine the value of the traditional fiat U.S. dollar. In his tweet, he referred to USDT as “a centralized proxy representing the value of the USD.”

As an analyst, I’ve observed a significant trend among individuals exchanging their traditional fiat currencies for USDT, which operates on various blockchain networks such as Tron and Ethereum. The reason behind this shift is the lack of access to conventional banking services. In a tweet, I expressed this perspective by stating, “Millions of people convert their fiat money into Tether because they don’t possess bank accounts or are excluded from traditional banking systems. They utilize USDT as an alternative to USD.”

As an analyst, I’ve observed that within the last 24 hours, Tether has generated a significant amount of stablecoins to the tune of one billion US dollars on the Tron blockchain. In the past year alone, this company has released a massive 31 billion USDT across both the Tron and Ethereum networks, as indicated in a recent tweet from the reputable @lookonchain analytics account.

Tether functions as a centralized, surrogate version of the USD for millions who don’t have access to traditional banking services. These individuals exchange their real money for Tether which they use interchangeably with the USD. In return, Tether converts all the incoming fiat currency into US Treasuries.

— Max Keiser (@maxkeiser) May 16, 2024

As an analyst, I can interpret Keiser’s stance on Tether in this way: Lately, Tether has been using a portion of its earnings to purchase Bitcoin. This could potentially be the reason for Keiser’s continued backing of the stablecoin.

Keiser strongly believes that the U.S. dollar’s role as the global reserve currency is being undermined by the mass adoption of a supposedly counterfeit version, while the profits earned from investing in U.S. Treasuries are being shifted to Bitcoin.

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2024-05-17 18:01